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557 Center Road 557 Center Rd 2 Unit Apartment Building $2,295,000 ($1,147,500/Unit) New Shoreham, RI 02807
INVESTMENT HIGHLIGHTS
- Desirable Block Island Location
- Substantial Nightly Rental with Potential for Higher Rates.
- Two Family status which is rare for Block Island
EXECUTIVE SUMMARY
Versatile Two-Family Home in a Prime Block Island Location. This classic two-family home offers a rare opportunity for both flexible living and solid rental income. The main house spans three levels and features two distinct living spaces, each with private entry, charming interiors, and comfortable layouts. The main and second floors include full kitchens, open living/dining areas, and well-proportioned bedrooms with ample natural light. The second-floor apartment includes a small private deck, offering a quiet outdoor spot for morning coffee or evening air. The third level, with its own entrance, provides additional living space—ideal for a home office, guest suite, or overflow accommodations. Outdoors, the property features a peaceful yard shaded by mature trees and inviting sitting areas. A second detached building offers potential for expansion, studio use, or workshop space with the appropriate approvals. Whether you're seeking a full-time residence, a summer getaway, or an investment with rental appeal, this centrally located property meets a range of goals. Just a short distance from the shops, restaurants, and ferry in Old Harbor, and minutes from some of Block Island’s beloved beaches, this home makes enjoying everything the Island has to offer effortless. With its adaptable layout, income potential, and prime location, it presents a rare opportunity to own a piece of Block Island that balances convenience, comfort, and possibility.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,295,000 | Apartment Style | Single-Family Home |
| Price Per Unit | $1,147,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Sale Condition | High Vacancy Property | Building Size | 3,766 SF |
| No. Units | 2 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1910/1985 |
| Property Subtype | Apartment | ||
| Zoning | RA | ||
| Price | $2,295,000 |
| Price Per Unit | $1,147,500 |
| Sale Type | Investment |
| Sale Condition | High Vacancy Property |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 3,766 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1910/1985 |
| Zoning | RA |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Washer/Dryer
- Heating
- Ceiling Fans
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Tub/Shower
- Wi-Fi
- Yard
- Grill
- Basement
- Deck
- Den
- Dining Room
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Grill
- Maid Service
- Walking/Biking Trails
- Wi-Fi
- Private Bathroom
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557 Center Road | 557 Center Rd
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